Life Insurance

Available Anytime
Location: Online
4Credits
Technical Business
Registration is Open
FICPA Members
$85.00 Regular Price
Nonmembers
$105.00 Regular Price
Product Code: AI23-PFP-INS3
Level: Intermediate
Vendor: AICPA CPE Division
Field of Study: Specialized Knowledge

Overview:

This CPE course can be purchased individually or as part of the Risk Management and Insurance Planning Certificate Program.

The construction of a proposed life insurance solution in a personal financial plan is complex on several levels. As a personal financial planner, you must possess a broad range of knowledge of the various insurance solutions available to have a reasoned dialogue with your clients.

In this audiovisual CPE course, Tom Tillery will describe three different types of life insurance contracts: term life insurance, permanent life insurance, and group life insurance (group life insurance is covered in greater depth in the Group Insurance and Employee Benefits course).

This course covers:

  • Optimal design of a policy
  • Funding and withdrawal features
  • Dividend options
  • Nonforfeiture options
  • Settlement options

Finally, taxation and tax planning topics will be addressed, including:

  • Tax planning with life insurance
  • Income taxation of life insurance
  • Taxation at surrender of a contract
  • Taxation of proceeds from a life insurance contract
  • Transfer of value rules
  • Section 1035 exchanges
  • Integrating life insurance with the overall financial plan.

Objectives:

Learning Outcomes

  • Recognize the various types of term life insurance.
  • Identify the types of permanent life insurance.
  • Select a waiver of premium rider based on specific facts and circumstances.
  • Distinguish among the various types of life insurance riders.
  • Identify the features of a permanent life insurance contract.
  • Determine the taxation of distributions from a modified endowment contract.
  • Select the appropriate dividend option based on the client's facts and circumstances.
  • Calculate the death benefit of a life insurance contract.
  • Identify exchanges of insurance contracts that qualify for IRC Section 1035 tax treatment.
  • Select an estate planning strategy based on a client's specific facts and circumstances.

Major Topics:

Key Topics

  • Term, credit, permanent, universal
  • Key features of life insurance
  • Underwriting, design, funding, nonforfeiture, settlement, planning, practical aspects
  • Taxation and tax planning with life insurance
  • Integrating life insurance with the overall financial plan

Designed For:

Who Will Benefit

  • CPAs and financial planners with basic knowledge of, and interest in, personal financial planning.


Prerequisite:

None